Common Tax Mistakes To Avoid This Year

March 22, 2019

The IRS receives over 150 million tax returns every year. If you require assistance, then you need to find Los Angeles tax preparation services near you to help you. A single mistake could cause you to miss out on a greater return. You may even owe money if you do the wrong thing. Los Angeles accounting services are here to help, but you should become more tax savvy yourself by knowing to avoid the following.

Missing the Earned Income Tax Credit

Millions of taxpayers fail to collect the earned income tax credit every year. This credit is worth up to $6,431, but many low income and middle-class taxpayers ignore it. If you have a spouse staying at home or lost your job in 2018, then you may be eligible for this great credit.

Filing With Missing Documents

You need to submit all the proper paperwork together when submitted your taxes. You need to have W-2s from all employers you had in 2018. If you worked any gigs the previous year, then you need to collect 1099 forms. If you rush to submit your taxes on time, then it is easy to forget to put a piece of paper into the envelope.

Making a Typo

A single typo on your tax forms can result in a lot of complications down the line. You need to make sure your Social Security number and address are perfect. These items need to match the IRS’ records exactly. Additionally, if you enter the wrong income amount or do an equation wrong, then you cannot correct it until the IRS reaches out. This delays when you will receive your tax return.

There are great Los Angeles accounting services out there to make sure all your paperwork is correct before you send it in. Call a service near you immediately, so you can get everything in on time without error.